Firstly, I suspect the bounce is technical or at a minimum immaculate timing of the news to go with the technical view. This large multinational organization & conglomerate's CEO of the past few years Jeff Immelt just announced he would resign from General Electric and there is an apparent bounce in price on the day of the announcement. This company that really needs no introduction is one of the largest companies in the world and has been around 125 plus years now and is one of the $DJIA Dow Industrial Average's thirty components as well as one of the $SPX Standard and Poor's 500 components and is into many different markets where they sell their broad based goods and services. Without further comment on the fundamental and financials of the organization I will stick with the idea the company will find the way to remain profitable and achieve further growth although that becomes harder as time goes on in a larger company's life cycle.
Secondly, the daily chart's technical picture of the stock from an Elliott Wave perspective is shown below under the end of this article however not shown here in the aforementioned graphic the stock has been in an uptrend since inception with an all time high at 60.50 in the week of 8/28/2000 then for several years suffered the 3 swings lower pullback into the week of 3/2/2009 to a price low at 5.73. From there the stock has lagged it's underlying indices $SPX and $INDU and has not matched the cycle highs when it bounced and has been the worst performing stock of the $INDU as of late. This is usually an obvious technical red flag when a stock does not run the same cycle with the underlying index it is a component of.
Thirdly, and to conclude. From 3/2/2009 the stock price shows 5 swings up into the 33.00 price registered on 7/20/16 that I'm suggesting & as shown below is a larger degree diagonal (A) or even a ((1)) possibly. The dip was a larger 3 swings and appears to have been correcting the cycle up from 2009. As mentioned earlier "I suspect the bounce is technical or at a minimum immaculate timing of the news to go with the technical view". As you can notice the bounce began about three weeks before the resignation of Jeff Immelt. Price did swing lower into the extension area we will normally expect a bounce from. The sequence and move lower from the 7/20/2016 highs appears to have ended that cycle lower per our usual trend following system here thus when dips are seen, we will look for them to remain above the 27.10 lows for a sustained move higher. Thanks for looking and feel free to come visit our website and take a trial subscription and see if we can be of help.
Kind regards & good luck trading.
Lewis Jones of the elliottwave-forecast.com Team